Exchange traded products that track coffee futures rose 2% on Tuesday after JM Smucker (NYSE: SJM) said it cut prices for most of its coffee products sold in the U.S.
The company said it reduced items sold under the Folgers and Dunkin’ Donuts brands by 6% on average.
“The decrease in price is driven by declines in the green coffee futures market,” it said.
However, the move comes after a series of coffee-price hikes from Smucker. The company made three price increases during 2011 totaling 23%. [Coffee ETN Buzzes as Smucker Cites Higher Prices]